Mr. PoP and I put these income statements together for two reasons. First, we want to be transparent about our finances because we’re trying to be role models for other people who are trying to plant their own pennies (and end up with dollars someday!). Second, we do this to make sure we’re on track to meet our own long-term goals. If you’re not tracking your income statement and balance sheet, we highly recommend you start using a program like Mint to keep track of it all.
We’re off to a bang for 2017 in the PoP household, where we had pretty much the opposite of an “Uber Frugal January”. Though I did get this yoga cats calendar for free. That was pretty frugal!
As expected, spending on renovations* picked up this month as we spent money hiring out the tile removal (no regrets there!) and then spent some more money on top of that getting together further tile laying tools and supplies that Mr PoP is using to lay the tile. One cool
toy tool that Mr PoP bought this month to help with the surface prep for laying the tile this time was this Bosch laser floor level. Mr PoP bought a refurbished one, and we’ll sell it when we’re done, but it already helped identify a couple of small low spots and gave Mr PoP a lot more insight into the gentle topography of the floor that really makes a difference when laying the long, thin 6″ x 36″ plank tiles. Luckily, the money spent here is already showing results as Mr PoP is about halfway through tiling the first of the three bedrooms. So yay!
Sidenote – between the laser floor level and the two Star Shower Laser Holiday lights we got in the after Christmas sale at Bed Bath and Beyond (50% + 20% off coupon FTW), we managed to spend just over $300 on laser toys/tools. I found this amusing. MOAR LASERS!
The second, slightly less expected category was our “General Shopping” spending, where my purchase of a new Roomba (which we have now named “Newmba!”) was a bit earlier than originally planned. Our old Roomba has slowly been dying over the last year (at nearly 6 years of use and abuse, it has had a good run and we’ll probably sell it on ebay or Craigslist for parts). I had watched the sales over the holidays, and then finally bought one when I managed to stack a 20% off Bed Bath & Beyond coupon on top of a 15% off sale and take home a more advanced model that’s supposed to be better for long hair for $360, including tax when it’s usually $500 +tax. So far, Newmba is performing like a champ and really keeping dust to a minimum, despite almost half the house being without flooring. I think both Mr PoP and I view the Newmba purchase as a good one.
However, when you toss in a new $90 bike headlight (this one – it’s really bright!) and $40 for unlimited lifetime flat repair (including tubes!) on my bike (supplies/services that I’ll eventually get reimbursed for), our shopping spending ended up a bit higher than we thought it would going into the month.
The last category that saw some action this month is Mr PoP’s fun car. I’ll make him write a post on this soon, but for now I’ll just say I think we’re close to some big movement in this category and finally getting Mr PoP the car of at least some of his dreams. (He dreams of a lot of cars, so we can’t get all of them…) In the meantime, hopefully you can be as entertained as I was with the small stingray that was in the aquarium at one of the car dealerships we visited. Too cool!
Here are all of the January numbers!
The Bottom Line
- Earnings before principal paydowns and savings allocations of $8,042.
And the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $6,631 – We’re back putting $ in our 401Ks again for the new year, so our take home dropped from the end of the year.
- Rental Income: $1,600
- Miscellaneous Income (rebates, reimbursements, etc.): $615 – $470 of this is actual an escrow refund since we overpaid into our escrow account last year, another $110 is an Adsense payment for ads on this blog. (Full disclosure, guys!)
- Total Income: $8,846
- Groceries: $432 – a little high, but for 5 weekends and a fair amount of household supplies included this month I’m not going to worry about it. Also, Mr PoP is eating more meat because he’s cooking it himself, so this might go up a bit. We’ll have to see!
- Eating Out: $215
- Total Food: $647
- Mortgage: $1,150 – this payment will drop in February (I think) with the escrow change
- Home Maintenance and Repairs: $75
- Renovations: $1,309 – most of this was supplies for the tile. The removal, the laser floor level, a couple hundred leveling straps, thinset…
- Bills/Utilities for Primary Residence: $119
- Total Home: $2,653
- Gas: $251 – our highest in a long time. Includes several 200+ mile road trips for doctor’s appointments and test driving cars around South Florida.
- Fun Car: $296
- Total Transportation: $547
- General Shopping: $581 – Newmba is lovely. =)
- Pet Supplies / Care: $0
- Total Shopping: $581
- Gym / Fitness: $53
- Medical Treatment/Visit: $40
- Media Subscriptions: $8
- Total Health/Fitness/Entertainment: $101
- Travel: 0
- Total Miscellaneous: $0
- Total “Personal Expenditures”: $4,529
- Investment Properties: $91
- Total Investment Expenses: $91
- EBPPS = $8,846 – $4,529 – $91 = $4,226
Principal Paydowns / Savings Allocations
- Transfer to Holding Acct for 2017 Roth IRAs: $1,000
- Transfer to Taxable Investment Account: $3,000
- Total Principal Paydowns / Savings Allocations: $4,000
- $4,226 – $4,000 = $226 = Net Income
How was your income and spending this month?
* Long time readers might note that we changed a couple of category headings. Kitchen Renovation became Renovation as the bulk of what we’re doing this year is in the rest of the house, though there will be a little more finishing up the kitchen. And “Sunny”, which hasn’t made an appearance since July 2014, became “Fun Car”.